IRVINE : City Adds $3 Million to Its Reserve Fund
The City Council has approved a fiscal 1994-95 budget that increases the city’s reserves without raising taxes or cutting services.
The $59-million general fund budget balances the city’s books while adding about $3 million to its reserve fund.
No major cutbacks were proposed by City Manager Paul O. Brady Jr. Earlier in the year, the city eliminated 70 jobs in an effort to close a $4.5-million budget shortfall. Some workers were laid off, while others decided to take early retirement.
City officials said they were prepared to make further cuts in staffing last month when they presented the budget. But the city’s fiscal health improved slightly over the past six months, making further reductions unnecessary.
In the past three years, the city has eliminated more than 100 jobs at a savings of about $12 million.
The City Council approved the 1994-95 budget last week, making few changes in the spending blueprint.
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